“Sashidhar Jagdishan controversy explained.”
Who Is Sashidhar Jagdishan? HDFC Bank’s CEO Under the Spotlight
Sashidhar Jagdishan, often referred to as ‘Sashi,’ has been at the helm of HDFC Bank since October 2020, succeeding the long-serving Aditya Puri. With over three decades of experience in the financial sector, Jagdishan’s leadership has been instrumental in steering the bank through significant transformations, including its landmark merger with HDFC Ltd. in 2023. (currentaffairs.adda247.com)
Early Life and Career
Born in 1967, Jagdishan pursued his education in commerce and became a chartered accountant. He began his career at HDFC in 1996 as a manager in the finance division. Over the years, he held various leadership roles, including chief financial officer, before being appointed as the CEO of HDFC Bank. (indiatoday.in)
Leadership at HDFC Bank
Under Jagdishan’s leadership, HDFC Bank has seen substantial growth and innovation. In 2023, the bank reported a 19.3% increase in net profit, reaching ₹44,108.7 crore, and a 20.6% rise in net interest income to ₹86,842.2 crore. The bank’s asset quality also improved, with the gross non-performing assets ratio moderating to 1.12% from 1.17% in the previous year. (business-standard.com, business-standard.com)
The merger with HDFC Ltd. created a financial powerhouse, and Jagdishan expressed confidence in the bank’s ability to grow rapidly, stating, “We could be creating a new HDFC Bank every 4 years.” The bank plans to add over 1,500 branches annually to expand its reach across India. (businesstoday.in)
Recent Controversy
In June 2025, Jagdishan found himself in the midst of controversy when an FIR was filed against him by the Lilavati Kirtilal Mehta Medical (LKMM) Trust, which operates Mumbai’s renowned Lilavati Hospital. The trust accused Jagdishan of financial misconduct involving a payment of ₹2.05 crore, allegedly made by a former member of the trust. The FIR was registered following a court order, and Jagdishan has denied the allegations, calling them baseless. HDFC Bank has announced its intention to take legal action in response to the claims. (indiatoday.in, economictimes.indiatimes.com)
Vision for the Future
Despite the recent challenges, Jagdishan remains focused on the bank’s long-term goals. He has emphasized the importance of maintaining asset quality and pursuing profitable growth. Post-merger, the bank aims to grow its advances at a slower pace than its deposits to manage its credit-to-deposit ratio effectively. (business-standard.com, moneycontrol.com, business-standard.com)
